Archer Aviation on Thursday announced an agreement-in-principle with Stellantis under which the automaker would bear up to $370 million of labor-related costs to support a planned ramp-up of the air-taxi maker's aircraft.

The funding will give Archer access to much-needed capital to fund the production of its flagship 'Midnight' aircraft to 650 units annually. The company had cash and cash equivalents of $360.4 million at the end of June.

  - Reuters